Tabcorp Holdings comments on dispute with Racing Queensland

Company News

by Rachael Jones

Tabcorp Holdings (ASX:TAH) and its subsidiary UBET QLD released a statement referring to the Claim made by Racing Queensland regarding the point of consumption tax.

The Claim relates how much the point of consumption tax imposed on UBET is borne by UBET or Racing Queensland.

UBET believes that it is entitled to reduce or offset the fees paid to Racing Queensland by an amount that reflects 100 per cent of the increase in wagering tax paid by UBET across racing and sport as a result of the introduction of the POCT.

This is when compared to the previous wagering tax regime in place with effect from 1 July 2014.

It appears, based on the Claim, that Racing Queensland agrees that UBET is entitled to make a reduction or offset, but only of a much smaller amount.

Tabcorp believes that Racing Queensland does not require any such repayment.

They are currently preparing its formal Defence to the Claim.

Shares in Tabcorp Holdings (ASX:TAH) last traded at $4.61.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.